Wells Fargo Settles Suit: Wells Fargo Bank,...
From Times Staff and Wire Reports
Wells Fargo Settles Suit: Wells Fargo Bank, settling a class-action lawsuit, has agreed to refund $3.78 million to credit card customers who were charged an extra fee when they paid their bills late or charged more than their credit limit. The settlement hinges, though, on whether the verdict in a similar case is upheld on appeal. In that earlier class-action suit, a jury in February awarded $5.2 million to Wells Fargo credit card customers who paid late- and over-the-credit limit fees between 1982 and 1987. Wells Fargo is appealing that case. In the meantime, the San Francisco-based bank doesn’t intend to cut its $5 fee for late payments and its $10 charge for exceeding credit limits, the charges that prompted the suit.
